BOI Reporting: What Travel businesses need to know

SUMMARY - See section for full article

From January 2024, U.S. businesses, including travel agencies, tour operators, and hotels, face a new compliance requirement: Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act. The rules are designed to prevent money laundering and increase financial transparency, but they also create new obligations for small business owners who may never have filed anything similar before.

1. What is BOI Reporting?

• A federal filing requirement to disclose the “beneficial owners” of a company.

• Beneficial owners are individuals who own or control at least 25% of the business, or who exercise significant control.

• The report is filed with FinCEN, the U.S. Treasury’s Financial Crimes Enforcement Network.

2. Who has to file?

• Most U.S. corporations, LLCs, and similar entities formed or registered in the U.S.

• Foreign-owned U.S. entities are included — overseas travel companies that set up U.S. LLCs must still report their owners’ details.

• Exceptions: larger companies (20+ full-time employees and $5M+ revenue), banks, insurance companies, and certain regulated entities.

• Most travel businesses, especially small and mid-sized agencies and independent hotels, will be required to file.

3. What information must be reported?

• Name, date of birth, residential address, and ID number (passport or driver’s license) of each beneficial owner.

• Company details including legal name, trade name, and EIN.

• A copy of the identifying document must also be uploaded.

4. Deadlines and Penalties

• Companies formed before Jan 1, 2024: deadline is Jan 1, 2025.

• Companies formed after Jan 1, 2024: filing due within 90 days of incorporation (dropping to 30 days in 2025).

• Updates required: if ownership changes, addresses change, or IDs expire, a new filing must be submitted within 30 days.

• Penalties: up to $500 per day for non-compliance, and possible criminal liability for willful failure.

5. Privacy and Security

• BOI information is not public.

• Data is stored in a secure FinCEN database and only shared with law enforcement, financial institutions, or regulators.

• Business owners can be reassured that their personal information will not appear in public records or search engines.

6. Why this matters for Travel businesses

• Many agencies and hotels set up LLCs for liability protection or tax reasons — these entities are in scope.

• Foreign travel groups establishing U.S. subsidiaries must also comply.

• Owners used to only think about IRS tax filings; BOI is a new federal reporting layer.

• Incorrect or missed filings risk fines, reputational damage, and compliance headaches.

7. How to file

• Filing is done online via the FinCEN BOI e-filing system.

• There is no fee.

• Updates must be filed within 30 days of changes in ownership, address, or control.

8. Practical Tips from Antravia

• Identify all beneficial owners early, try not to wait until the deadline.

• Keep digital copies of IDs and corporate documents organized for filing.

• Assign responsibility (bookkeeper, accountant, or owner) so filings aren’t overlooked.

• Use this as an opportunity to review whether your entity structure is still fit for purpose.

• Add BOI reporting to your annual compliance calendar alongside tax filings, licenses, and renewals.

Conclusion

BOI reporting adds another layer of compliance for travel businesses, but with proper planning it can be handled smoothly. Treat it as part of your wider accounting and compliance routine, and it won’t become a burden.

Antravia works with travel agents and hotels to integrate BOI filings into broader financial management, ensuring owners stay focused on running profitable businesses while meeting every regulatory requirement.